HARARE – Agro-based equipment maker and distributor Zimplow Holdings was set to be halted from trading on the Zimbabwe Stock Exchange (ZSE) at the close of July 10’s session, paving the way for migration to the Victoria Falls Stock Exchange (VFEX).
Zimplow joins a growing list of firms that have abandoned the less attractive ZSE for the foreign currency-denominated bourse.
“The Zimbabwe Stock Exchange Limited (ZSE) hereby notifies the investing public that the last day of trading in Zimplow Holdings Limited shares on the ZSE is Monday, July 10, 2023.
“The ZSE will therefore institute a trading halt on Zimplow Holdings shares effective Tuesday, July 11, 2023, to allow for the settlement of shares,” the ZSE said in a statement.
Following the development, Zimplow was set to be delisted from the ZSE on Thursday, July 13 and subsequently listed on the VFEX on Friday, July 14, 2023.
ZSE also announced that investors were not going to be able to buy or sell Zimplow’s shares during the period the halt formalities were being effected.
The shares will start trading on VFEX this Monday, July 17, 2023.
Zimplow Holdings announced its plans to list on the Victoria Falls Stock Exchange (VFEX) in May after suffering a US$60 million value loss on the Zimbabwe Stock Exchange (ZSE).
The loss was due to the depreciation of the Zimbabwe dollar against the United States dollar, which translated to Zimplow’s market capitalisation falling by a massive 88,67 percent in real terms from its 2021 valuation.
